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Pelase help to anser the question below. Thank you! Accrual income versus cash flow for a period Thomas Book Sales, Inc., sup- plies textbooks to
Pelase help to anser the question below. Thank you!
Accrual income versus cash flow for a period Thomas Book Sales, Inc., sup- plies textbooks to college and university bookstores. The books are shipped with a proviso that they must be paid for within 30 days but can be returned for a full refund credit within 90 days. In 2003, Thomas shipped and billed book titles totaling $760,000. Collections, net of return credits, during the year totaled $690,000. The company spent $300,000 acquiring the books that it shipped.
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